A Modern Approach to Phineas Taylor Barnum’s Business Model

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The success of Phineas Taylor Barnum can be largely attributed to his ability as a marketing specialist and the sensationalist nature of his products and services. In order to understand how his performance could be implemented in the modern day, it is essential to assess the appeal of such an experience and the primary elements that allowed Barnum to successfully market it as a product to interested customers. From his museum of curiosities to his circus, Barnum would often instigate curiosity within his audience. As such, a modern version of such an experience would require aggressive marketing that is slightly less direct, thereby creating mystery and curiosity within viewers (Foster, 2017). Similarly, Barnum prioritized a number of features within his marketing, including advertising to a large demographic, massive PR stunts, persistent marketing, and providing interesting stories.

Assuming this, a modern promotion of Barnum’s enterprises would include unique and continuous advertising through social media platforms. Due to the visual-heavy and experience-oriented elements of his business, video, audio, and image content would also benefit in promoting the experience. Because Barnum believed in reaching a large demographic, it is likely that not only the advertising but the experience itself could be provided digitally. In order to better implement a successful strategy, it can be neenfical to see the ways in which modern circuses or experience-based businesses operate. While many circuses continue to operate with a live audience, certain programs and businesses have found success in implementing live stream features. This would be especially beneficial for Barnum as he prefers to reach a large customer population.

While the ability to see a performance live through a television is not new, the accessibility of streaming platforms is a superior choice for businesses. This is due to the fact that an event-focused stream has no time-constrictions and has the freedom to insert advertising in desired time slots (Nichols, 2021). Essentially, this approach allows for company leaders to have complete creative control within their presentation of the experience with the only limitation being the rules of the streaming platform. Additionally, the continuous pacing of a live stream allows for the narrative element that Barnum implemented in his prior marketing strategies.

Within the current day, virtual shows have become more prevalent, often hosted through conference or other communication-centered software. This has been seen with sports education, magic shows, and a number of other activities (Haslam, 2022). As such, Barnum’s business model could also benefit from such a strategy. It differs from a livestream by offering customers a closer and more personal look at the performers and even possible interactive features. Modern web design allows for websites and marketing campaigns to have much more interactivity and customer engagement than prior. This is an element that would likely be utilized by Barnum due to his belief that customers should be left with a feeling that they had made a worthwhile purchase.

Both approaches provide a number of benefits and drawbacks. While a livestream offers content for a wide audience it compromises on engagement with the audience. On the other hand, a virtual show is likely to be more costly and have a smaller pool of customers but provides a unique experience that is likely to lead the audience satisfied. It would even be possible for Barnum to implement both strategies and different price levels. In conclusion, performative and experience-based services have potential within the world of digital marketing.